Wallerstein on early modern capitalism and global inequality: a reevaluation

Abstract

A critical review of Immanuel Wallerstein’s Modern World-System is far more than just an obligation sociologists and historians owe to one of the most influential social scientists of the last fifty years. Rather a reconsideration is both timely and urgent for two reasons: On the one hand, the theme he dealt with most intensively—early modern capitalism—is more topical than ever in the early twenty-first century because with the demise of industrial capitalism structural similarities between early modern forms of mercantile capitalism like the putting-out system and today’s attempts of platform or digital capitalism to monopolize market access become more and more obvious. And on the other hand, Wallerstein’s dominant concern with the asymmetrical power relations between center, semiperipheries and peripheries can still serve as a powerful reminder to seriously engage the global dimension of capitalist development today.This article although written from the perspective of a historian will try to do justice to Wallerstein’s theoretical ambitions as well will be extremely simple. It will be shown that although some critical points were well taken Wallerstein’s general approach to early modern capitalism is by no means completely outdated and superseded. Even if some of the answers he gave may seem indefensible today, there can be no doubt that he asked crucially important questions which still are in need of answers today.

Keywords

• Immanuel Wallerstein
• early modern capitalism
• merchant capitalism
• financial capitalism
• platform capitalism
• global inequality